BUYING THIS CORRECTIVE DIP
From this morning's Justi-Tech trading notes.
EURGBP finally bouncing out of the major fib support zone, and does it in style with an emphatic rally.
Expect a consolidation phase to now occur following such a compulsive rally, this should hold above 0.8784 the April 12 high.
A move through yesterday’s high opens up targets towards...
Bullish – looking for the base to confirm today.
Have been talking about buying this dip in USDCAD and there is some risk that the
low is now in. The break through the pivot at 1.39215 was important this morning,
so confirmation and a hold of this break here will be resolutely bullish.
Long and bullish USDCAD, looking for a challenge of the 1.4000 April 12 highs...
Bearish – Looking for an imminent momentum break lower.
The chart tells the story today.
Intraday bearish divergence and failure at the 0.6434 major fib resistance.
A momentum and closing break through 0.6365/68 April 9/10 lows will be
very bearish in my mind. Short and bearish risking the highs looking for
the major pivot at 0.6214 as an interim target.
On my last update, I was looking for acceleration on shorts below 104.05. This only yielded a move to 103.11 before reversal. Now in C of an ABC zigzag correction, the final corrective wave before major downside resumption.
$Aud short trading well technically. Time for closer observation as it becomes oversold but for now extension target remains .6317, TSL .6466 above the intraday pivot.
$AUDUSD #forex #forextrading #AUDUSD